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Activision Blizzard, Inc. (ATVI) Traders Make Post-Earnings Bets

ATVI calls remain the options of choice following last night's earnings report

by 11/7/2013 3:15 PM
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News Brief: Activision Blizzard, Inc.'s (NASDAQ:ATVI) options pits have been crowded today, with speculators picking up calls and puts at a rapid-fire pace. Approximately 13,000 contracts have crossed the tape so far, which represents more than two times the typical intraday volume.

Roughly three-fourths of today's contracts crossed on the call side, which is more of the same for ATVI. The equity sports a 10-day call/put volume ratio of 5.52 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), meaning speculators have bought to open 552 ATVI calls for every 100 puts during the past two weeks. What's more, this ratio ranks in the 63rd percentile of its annual range, indicating call buying has been slightly accelerated, relative to put buying.

Today's heavy options trading came on the heels of Activision Blizzard, Inc.'s (NASDAQ:ATVI) quarterly earnings statement. While the video game developer saw a significant decline in revenue and earnings for the third quarter, the results managed to outdo analysts' consensus top- and bottom-line estimates. Furthermore, ATVI expressed "overall comfort with the market," ahead of Sony Corporation's (ADR) (NYSE:SNE) and Microsoft Corporation's (NASDAQ:MSFT) new console launches, and provided stronger guidance for the year.

The brokerage bunch applauded ATVI's announcement, with Jefferies and Credit Suisse upping their respective price targets earlier today. Meanwhile, the equity has enjoyed a nice post-earnings boost of 2.2% to trade at $16.89, bringing its year-over-year gain to 48.9%.


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